If your roof is aging and it is getting to the point where you are looking at roof replacement , you may be wondering how to finance it.
Installing a new roof can be expensive ranging in price from $7,000 – $10,000, or more if you are covering a larger space. Listed below are some of the ways you may want to consider when it comes to paying for a new roof.
If you have savings tucked away for a rainy day then it makes sense to use those savings to pay for your new roof, this way you can avoid financing and all the fees that come with it.
Home Owners Insurance
Depending on why you are replacing your roof it may be covered in your homeowners insurance. You will need to take a look at your insurance policy and see what is covered and for what reasons. If your roof was damaged due to a storm, fire, or other event, you may be covered.
Home Equity Loan or Existing Home Equity Credit Line
If you have equity in your home, good credit scores, and a steady income, you may be able to qualify for a Home Equity Loan. Home equity loans are often used for big purchases that will add value to your home. An appraisal on your home may be required to obtain the current market value.
A personal loan often means lower interest rates and monthly fees than if you were to pay using a credit card. You will need to show that you have a steady income, bring a copy of your credit score and any other personal information the bank may request. Be sure to shop around for the best bank rates.
There may be incentives that could help you pay for your roof. These incentives are usually offered for new energy efficient roofs. Florida Power & Light offers an incentive of up to $325 for new energy efficient roofs that meet their standards.
As a last resort you can pay for your new roof using a credit card, this is, if your credit line is big enough. However, you will have to pay higher interest rates and fees if you use a credit card for a purchase this large.
If you are in need of roof replacement, contact Imperial Roofing Contractor today for your free estimate. Serving the Tampa region since 1968 Imperial Roofing Contractor is dedicated to working with you and your budget to find the best roofing solutions for you.